Dear Owner,

The board is claiming that prices have risen over 25% in the past two years based on two one bedroom sales, of $100,000 and $124,000.

We checked the MLS and the Recorder of Deeds office for all sales.  Looking at the last 24 months, the average price of a one bedroom was $92,600. Sales since January of 2022 averaged $95,900.  That IS including the $124,000 sale.  How is this a 25% increase?

If the $124,000 sale is taken out of the equation as it’s an outlier, property values are down to a $90,300 average, about a 3% decrease in value.

The buyer that bought for $124,000 paid cash, owns other properties, and is an investor.  The unit is now rented.  Is the new board going to enforce the rental restriction?

The only sales that closed in 2022 and 2023 were for cash.  Several homeowners had multiple offers, but those fell through because mortgages were not approved.  They ended up taking the units off the market.

Like everyone, we wish the new board’s claims of increased values were true.  Unfortunately, the math does not add up and facts do not support the board’s claims.  What’s the purpose of misleading owners as to property values?

List of One Bedrooms sold since April 2021:

4500 Beau Monde Dr     #305            $ 85,500         sold 04/29/21

2301 Beau Monde Lane #409            $ 78,000         sold 12/17/21

2301 Beau Monde Blvd  #103            $ 79,000         sold 04/06/21

4418 Beau Monde Dr     #204           $100,000         sold 04/21/21

2300 Beau Monde Terr  #307            $100,000         sold 07/16/21

2300 Old Tavern Rd        #203            $ 85,000         sold 07/29/21

2300 Beau Monde Terr  #204              $ 88,000        sold 08/17/21

4425 Blackhawk Ln         #103            $100,000        sold 08/02/21

2301 Beau Monde Lane #207             $100,000        sold 09/08/21

4518 Beau Monde Dr     #204              $ 84,000        sold 11/01/21

2301 Beau Monde Terr  #103              $ 99,900         sold 11/16/21

2301 Beau Monde Terr  #104             $ 95,000         sold 03/01/22

4500 Beau Monde Dr    #308             $  94,000         sold 05/26/22

2301 Beau Monde Ln    #305             $  80,000         sold 11/15/22 [Mark Ennsmann purchase]

4418 Beau Monde Dr   #103              $  99,900         sold 12/08/22

4500 Beau Monde Dr    #303             $  82,600         sold 02/23/23

2300 Beau Monde Terr #205              $124,000         sold 03/14/23

Naper Place News